DE30: European markets advance as election day begins

• European equities higher ahead of US election
• Further restrictions in Italy
• Bayer AG (BAYN.DE) quarterly figures below expectations

European indices are trading higher today as global sentiment climbed ahead of the US presidential election. Joe Biden continues to lead the polls though the race remains tight in some battleground states and election results may take some time to be known. Still investors remain concerned about the negative impact of new restrictive measures on Europe's recovery as infection rates continue to climb. Italy imposed new restrictions including limiting travel between regions and a night curfew, however the government decided not to introduce a second blockade. Meanwhile France and Spain both reported record number of new daily COVID-19 cases on Monday. Germany reported another 131 deaths today, the highest since early May.

DE30 – index is testing key resistance at 12 000.00 pts which is additionally strengthened by 200 SMA (red line). Should a break above occur, upward move may accelerate. Next potential target for bulls is located at 12 300.00pts. On the other hand, if sellers will manage to halt advances here, then support at 11 350.00 pts may be at risk. Source: xStation5

DAX members at 10:06 am BST. Source: Bloomberg

 

Bayer AG’s (BAYN.DE) expects that legal costs of handling future lawsuits regarding its weedkiller Roundup will increase to $2 billion from $1.25 billion. Company failed to settle outstanding US Roundup lawsuits by Monday, the deadline set by a judge who has said he’ll resume federal trials over claims the weedkiller caused consumers’ cancer. Bayer also reported weak quarterly figures as the pandemic hurts demand for key agriculture and pharmaceutical products. Company earned about 1.80 billion euros before interest, taxes, depreciation and amortization, while analysts expected earnings of 2.06 billion euro. Sales also fell short of estimates.

Bayer AG’s (BAYN.DE) – stock broke above the upper limit of the downward channel. Should upbeat moods prevail, resistance at €45.00 may come into play. On the other hand, once sellers regain control, the support at €39.85 may be at risk. Source: xStation5

 

BMW (BMW.DE) announced yesterday, that during the NEXTGEN virtual event which will take place on 11th of November it will lift the unveil on the final design of its iNext electric vehicle that is set to challenge Tesla's Model 3. Tesla may find it difficult to produce the Model 3 at volume at $35,000, and therefore the iNext would be a real competitor in the segment, Electrek reported, citing BMW's head of sales and marketing, Ian Robertson.

 

Daimler Truck AG (DAI.DE) and Volvo Group (VOLVB.SE) will join forces in developing hydrogen-powered fuel cells for long-haul trucking. Daimler and Volvo, which are two of the world's largest heavy-duty truck makers, signed a binding agreement to form a jointventure in the rapidly expanding field of manufacturers pursuing the zero-emissions technology. Daimler brings decades of fuel cell experience. Volvo brings cash to accelerate the work. Volvo will pay almost $700 million cash (600 million euros) for 50% of Daimler Truck Fuel Cell GmbH & Co. KG.

The Carlyle Group CG is willing to buy Flender from Siemens AG (SIE.DE) for an enterprise value of €2 billion ($2.39 billion). Terms of the deal, which is subject to regulatory approvals, were not disclosed by the company. Flender is a market leader in mechanical and electrical drive technology and has operations across 35 countries, including Asia. The company’s comprehensive product and service portfolio includes gearboxes, couplings and generators for a wide variety of industries.

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